Sportingbet Posts Impressive Q3 Profits

Sporting Bet is the latest UK gaming provider to release their Q3 results for 2011. The report provides details for the three months leading up until the end of October and judging by initial reactions they’ve done pretty well.

Sportingbet’s profits are up 35% compared to the same period in 2010, an impressive increase which they attribute to mass growth in Australia and gains via their online betting site and casino site. Let’s look at the nitty gritty, namely the numbers involved which needless to say are massive.

Sportingbet’s Australian arm grew to £398.8 million which netted them post-betting tax profits of £22.5 million. They also gained £10.9 million more via their online ventures on a global scale. The full report has been placed online for all to see and it makes for interesting reading, the net result is that Sporting Bet has done very well over the past year.

This impressive increase came despite a 4.7% decrease in bets placed throughout Europe. Andrew Mclver, Sportingbet Chief Executive, remained upbeat about the companies growth going forward, he said “With the acquisition of Centrebet in Australia and the disposal of our Turkish-language website, we are making good progress towards our goal of deriving the majority of our revenues from regulated territories. The early signs from our enlarged Australian business are very encouraging and we look forward to making further progress there during the coming year”.